Producers Michael G. Wilson and Barbara Broccoli of Eon Productions have announced that they have put a halt to the development of JAMES BOND 23, reports THE LOS ANGELES TIMES. The move is a result of the continuing financial woes of the franchise's studio MGM.

The sequel to QUANTUM OF SOLACE was set for release in late 2011 or 2012 to celebrate the 50th anniversary of Bond.

MGM has been busy searching for investors or a buyer to help with its $3.7 billion debt, which creditors are demanding payment on.